Business
Platinex Issues Warrants in Trust for KI
AURORA, ON, Nov. 20 /CNW/ - Platinex Inc. (TSX Venture: PTX), today reported that it has issued 5...
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nAURORA, ON, Nov. 20 /CNW/ - Platinex Inc. (TSX Venture: PTX), today\nreported that it has issued 500,000 warrants in trust for the\nKitchenuhmaykoosib Inninuwug First Nation ("KI"). These warrants were issued\nunder a memorandum of understanding which formed part of a declaratory order\nmade by Mr. Justice Smith in his decision of May 22, 2007.\n\n\nThe warrants have an exercise price of $0.40 and they expire on\nNovember 20, 2009. The warrants vest in four equal installments of 125,000\neach whereby one installment vests after the completion of every six test\nholes in the 24-drill hole program proposed for Platinex's Big Trout Lake\nproperty ("Phase I"). The warrants, and any shares issued upon their exercise,\nhave a four-month hold period which expires on March 21, 2008.\n\n\nPlatinex has established a trust fund for KI for which Beard Winter LLP,\nsecurities counsel to Platinex, will act as trustee. The warrants have been\nissued to the trustee in trust and they will be released to KI upon request or\nas directed by the Court.\n\n\nAbout Platinex Inc.\n\n\nPlatinex is a Canadian exploration company based near Toronto. Platinex\nfocuses on carefully selected Platinum Group Element targets in settings\nanalogous to the JM reef (Stillwater Complex, Montana) and the Merensky and\nUG2 reefs (Bushveld Complex, RSA). Platinex is determined to find platinum\nsources to be used in the campaign to eliminate the threat of global warming.\nShares of Platinex are listed for trading on the TSX Venture Exchange under\nthe symbol PTX.\n\n\nFORWARD-LOOKING STATEMENTS:\n\n\nExcept for statements of historical fact, all statements in this news\nrelease - including, without limitation, statements regarding future plans and\nobjectives, are forward-looking statements that involve various risks and\nuncertainties. There can be no assurance that such statements will prove to be\naccurate; actual results and future events could differ materially from those\nanticipated in such statements.\n\n\nTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT\n\n\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\nTo receive Company press releases, please email [email protected] and\nmention "Platinex" on the subject line.\n\n\n%SEDAR: 00014019E\n\n\n","length":2377,"tagName":"div"}]